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Viktor Shvets On Why There’s No Going Back To Pre-COVID Capitalism

Aug 6, 2020

Viktor Shvets, Managing Director at Macquarie Group and author of "The Great Rupture," delves into how COVID-19 has forever altered capitalism. He argues against a return to pre-pandemic economic models, emphasizing the necessity of active fiscal policy and government intervention. Shvets discusses historical resistance to change in economies like China and Russia compared to the adaptability of Western Europe. He also explores the evolving dynamics of labor and capital, suggesting ideas like universal basic income as responses to shifting societal needs.

47:20

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Episode guests

Viktor Shvets

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Episode notes

Intro

2min

Rethinking Government in Economic Crises

10min

Historical Resistance and Modern Economic Shifts

6min

Shifting Dynamics in Capital Markets

8min

The Evolution of Labor and Capital in a Changing Society

6min

The Government's Role in a Tech-Driven Future

19min

In light of the massive disruption to the economy, there’s a widespread view that things have been permanently altered, that fiscal policy must take a more active role in economic stabilization, and that the job of central banks will inevitably change. While this is a trendy thing to say now, the guest on this episode has been anticipating it for a while. Viktor Shvets is a Managing Director at the investment bank Macquarie Group Limited and the author of the new book, The Great Rupture: Three Empires, Four Turning Points, and the Future of Humanity. He explains how the old model of economic growth, which he argues widened inequality by being dependent on the growth in asset values, must give way, and that an attempt to return to to the pre-crisis model will be a disaster.

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